I would account for growth of an explorer probably by doing a separate valuation on the exploration targets, but for a mature company where you expect the growth to continue for a long time, then sure you would give them a higher multiple.
In any case, you are saying that you calculate Orocobre's current valuation at around 11 to 12 times target EBITDA? What price of lithium are you using for that?
And, separately, your opinion is that this is undervalued because you think we should get a premium to SQM?
ORE Price at posting:
$6.91 Sentiment: Buy Disclosure: Not Held
